Under the terms of the deal, May Gurney paid a cash consideration of £34.9 million for the equity and loan notes of the business. In addition, the Company will assume approximately £30.7 million of customer contract-backed fleet financing obligations.
In a statement, May Gurney said the purchase provided an entry into the UK's £730 million local authority specialist fleet services and £3 billion local authority passenger services markets.
The firm said it also strengthens May Gurney's market leading positions in highways maintenance and environmental services and augmented its existing plant management expertise. The provision and maintenance of vehicles is increasingly included in 'bundled' tenders.
May Gurney said the purchase offered paved the way for significant cross-selling opportunities by extending its national coverage and client base and allowing it to broaden its offering to its current clients.
TransLinc's acquired order book is £85 million and the deal will supplement May Gurney's existing £1.5 billion forward order book TransLinc is cash generative and the transaction is expected to be earnings and margin enhancing in the first year of acquisition.
Commenting on the announcement, Philip Fellowes-Prynne, Chief Executive of May Gurney, said:
"This acquisition is a good strategic fit and is expected to be earnings enhancing in the first year. It brings into the May Gurney Group a portfolio of services and clients which are highly complementary to our existing business, augmenting our strong positions in Highways and Environmental Services as well as further establishing the Group as the leading support services business in the UK.
We look forward to working with the TransLinc team to deliver continued positive returns to all our stakeholders".
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